DrAir TGZ.T/EDV.T all star pics, & Bobwins on EDV 1ST! USA.T, I Had a good look. Lets talk about that one. Good pic, but I think EXN.t Excellon Resources looks like a better choice going forward.
OT: Bobwins, Big Hats off to PEIX
EXN.v MC $91 MILLION
Producing 2.2 – 2.4 million silver oz. Yearly
Resource 22 million 2011 Update coming.
Grades 900+gpt 35oz/T AgEq 3 years straight. Not high grading
Q3 Net earnings of $3 million
Q3 Cash flow from ops $4.8 million ($0.09/share)
Net cash costs $7.77
All-in costs/ per AgEq OZ sold $10.65 (AIC More inclusive)
Working capital $11.7 million September 30, 2013
Constant Insider purchases
Active Company stock buyback
Mill has 55% spare capacity for growth
22 million carryover losses
5 drills turning because they have the cash
USA.v $MC 44 MILLION
Producing 2.2 – 2.4 million silver oz. Yearly
Resource 54M oz all category
Grade 10-18oz/t AgEq while high grading (reduces future grades)
Q3 Net earnings Loss $3.5 million
Q3 Net cash costs $17.67
Q3 AISC per AgEq OZ sold $22
Working capital $12.0M Sept30, 2013. Boosted by $5.8M PP Aug 2013 and $2.9M equip sale Nov
Long Term Debt $7.6 M
The differance in EV is about 40 million when you add the loan to USA MC, & cash being equal in Q3.
Yearly CF might be close to $40 million Net difference between companys so EV gap closing fast.
Excellon is another one of those companys that got operationally banged up in 2013 due to 6 mth mine closure from union blockade, but is coming back with a vengeance. Way undervalued, and I think the street needs to see what a few quarters of full production does to the balance sheet before they catch on.
As to risk, USA.t is high grading and still going backwards with cash while Excellon could survive $10 silver
As to Growth. Hard to say as their both dependent on what they find, but Excellon has 55% spare capacity at the mill.
We only have so much time to spend analyzing these companys and I could have missed something, so feel free to add in.
Checkmate28
